22 February 2013

Egypt: IDSC - 4.9 Percent Increase in Consumer Confidence in Egyptian Economy

Egypt's consumer confidence index registered a 4.9 percent increase in January compared to the previous month, according to state body the Information and Decision Support Centre (IDSC). The index had seen a heavy 16 percent drop in December of last year.

The IDSC, a think tank connected with Egypt's cabinet, said in its monthly report on consumer confidence that the overall improvement is due to an increase in two of the three sub-indices that make up the consumer confidence index.

The economic policy confidence index saw the biggest increase, gaining 19.3 percent, after dropping by 29 percent in December.

Improved economic and living conditions for both individual households and the society sub-index increased by 4.9 percent, as the percentage of the participants in the survey who said that the country's economic condition improved increased to 11.4 percent.

Only the family income index dropped in January, falling by 11.3 per cent as the percentage of the participants in the survey who assess that they can buy durable goods decreased to 18.9 percent.

Employed people working in the government and holding a higher degree are the most optimistic, according to IDSC.

With the improvement sensed last month, the index has reached 87.3 points in January, from 83.2 a month earlier, remaining below the neutrality level at 100 points.

Egypt's economic growth in the second quarter of 2012/2013 registered 2.2 percent growth, compared to previous official predictions of 2.4 percent.

The Egyptian pound has lost more than 15 percent of its value since December, while foreign international reserves in January reached their lowest level for years at $13.6 billion.

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